Is Snowflake Stock a Buy Now?
Snowflake (NYSE: SNOW) posted its latest earnings report on Nov. 30. For the third quarter of fiscal 2023, which ended on Oct. 31, the cloud-based data warehousing company's revenue rose 67% year over year to $557 million and beat analysts' estimates by $18 million.
On a GAAP (generally accepted accounting principles) basis, Snowflake's net loss widened year over year from $155 million to $201 million. But on a non-GAAP basis, which excludes its stock-based compensation and other one-time expenses, its net profit more than tripled to $38 million, or $0.11 per share, and cleared the consensus forecast by six cents.
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